BRICS countries dump the euro, establish bank

The grouping of the emerging economies – Brazil, Russia, India, China and South Africa (BRICS) – are cutting their foreign currency reserves in euro, having sold €45 billion of the currency in 2012, according to data gathered by the International Monetary Fund.

Leaders of the BRICS nations met at a financial summit in Durban, South Africa from 26-28 March 2013. Officially, the central theme of the meeting was “BRICS and Africa: Partnership for Development, Integration and Industrialisation”.

The Russian TV channel RT reported that the ‘big five’ of the developing world agreed to create their own version of the World Bank.

ESO: Background Information: BRICS offer help to euro zone with strings attached http://www.europeansources.info/record/brics-offer-help-to-euro-zone-with-strings-attached/

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